The Political Connections and Commercial Credit Financing of Privately Held Companies

Table 4

Modifications of market factors and corporate transparency.

	Model (2)	Model (2_1)	Model (2_2)	Model (3_1)	Model (3_2)
Constant term	−0.030	0.057	0.109	0.025	0.011
	(0.437)	(0.468)	(0.469)	(0.437)	(0.437)
Political affiliation	−0.006	−0.006	−0.006	−0.006	−0.006
	(0.002)	(0.002)	(0.002)	(0.002)	(0.002)
Enterprise age	0.091	0.090	0.096	0.095	0.096
	(0.041)	(0.041)	(0.041)	(0.041)	(0.041)
Enterprise size	−0.042	−0.042	−0.042	−0.047	−0.047
	(0.013)	(0.013)	(0.013)	(0.013)	(0.013)
Corporate leverage	0.106	0.106	0.107	0.106	0.107
	(0.024)	(0.024)	(0.024)	(0.024)	(0.024)
Fixed assets	−0.022	−0.022	−0.023	−0.020	−0.022
	(0.025)	(0.025)	(0.025)	(0.025)	(0.025)
Capital intensity	0.098	0.098	0.098	0.103	0.103
	(0.014)	(0.014)	(0.014)	(0.014)	(0.014)
Corporate performance	−0.102	−0.102	−0.102	−0.117	−0.116
	(0.025)	(0.025)	(0.025)	(0.026)	(0.026)
Equity concentration	−0.081	−0.082	−0.079	−0.075	−0.075
	(0.044)	(0.044)	(0.044)	(0.044)	(0.044)
CEO two in one	−0.011	−0.011	−0.011	−0.011	−0.011
	(0.005)	(0.005)	(0.005)	(0.005)	(0.005)
Business linkages	0.018	0.018	0.018	0.018	0.018
	(0.010)	(0.010)	(0.010)	(0.010)	(0.010)
Insolvency distance	0.001	0.001	0.001	0.001	0.001
	(0.005)	(0.005)	(0.005)	(0.005)	(0.005)
Regional GNP	0.070	0.062	0.053	0.068	0.070
	(0.090)	(0.091)	(0.091)	(0.090)	(0.090)
Process of marketization		−0.044	−0.041
		(0.073)	(0.073)
Market competition		−0.017	−0.047
		(0.128)	(0.129)
Political affiliation×			0.041
Process of marketization			(0.021)
Political affiliation×			0.063
Market competition			(0.036)
Enterprise transparency				−0.0 hy 25	−0.023
				(0.026)	(0.026)
Political affiliation×					0.026
Enterprise transparency					(0.012)
N	3,937	3,937	3,937	3,937	3,937
R^2	0.219	0.229	0.231	0.220	0.223
F	16.610	15.386	14.575	16.160	15.633

Note: , , and represent significant levels of 10%, 5%, and 1%, respectively (double-tailed test).